Industrialists laud focus on agriculture, MSME sectors and its objective to maintain fiscal prudence
Uttar Pradesh Inc has welcomed thefor its purported focus on the agricultural and Micro, Small and Medium (MSME) sectors and its objective to maintain fiscal prudence.
The general opinion among the industrialists and industry chambers was the Budget had primarily focused on the farm sector, rural population, youth, poor and underprivileged health care, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration.
Confederation of Indian Industry (CII) UP State Council chairman and Tasty Dairy Specialties Limited managing director Atul Mehra said the Budget had accorded highest priority to rural and agricultural sectors due to its large employment potential.
“The Budget would certainly boost the Indian economy as all the key sectors have been considered and provided for therein,” he said.
“Reduction of corporate tax for MSMEs with turnover of less than Rs 50 crore is a major relief for more than 96 per cent of the assesses,” senior CII office bearer and CP Milk & Food Product Ltd director Jai Agarwal underlined.
Meanwhile, MSME chamber Indian Industries Association (IIA) national president Manish Goel welcomes Income Tax (IT) reduction for companies with annual turnover of Rs 50 crore to 25 per cent.